Analysis: ETH has broken out of its bearish trend and broken the previous resistance zone of 3350-3.5k and is setting up to test 3800.
What to look for: In this position 2 factors are crucial. A. Confirmation of a bullish movement. B. Establishing 3.5k as support.
While ETH has made a strong bullish movement the 3.8k - 4k resistance zone saw high bearish momentum when last tested. As such while we can suggest price to continue to rise it is important to watch price both around 3.5 and 3.8k levels to look for trend reversals.
Strategy: I would look for short-term buy setups on the retest of 3.5k.
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Next Post Friday on ADA or ETH
What to look for: In this position 2 factors are crucial. A. Confirmation of a bullish movement. B. Establishing 3.5k as support.
While ETH has made a strong bullish movement the 3.8k - 4k resistance zone saw high bearish momentum when last tested. As such while we can suggest price to continue to rise it is important to watch price both around 3.5 and 3.8k levels to look for trend reversals.
Strategy: I would look for short-term buy setups on the retest of 3.5k.
Best of Luck, Like/Follow
Next Post Friday on ADA or ETH